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PPM3

The document outlines the process of marketing research, which connects producers and consumers through information to identify opportunities and evaluate marketing actions. It details the steps involved in the marketing research process, consumer decision-making stages, and the concept of customer value, emphasizing its importance in marketing strategy. Additionally, it categorizes types of value into functional, experiential, and symbolic, highlighting how these values influence consumer preferences and decisions.

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6 views7 pages

PPM3

The document outlines the process of marketing research, which connects producers and consumers through information to identify opportunities and evaluate marketing actions. It details the steps involved in the marketing research process, consumer decision-making stages, and the concept of customer value, emphasizing its importance in marketing strategy. Additionally, it categorizes types of value into functional, experiential, and symbolic, highlighting how these values influence consumer preferences and decisions.

Uploaded by

azbapatel4
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd

BP803ET. PHARMA MARKETING Dr.

Gulam Javed Khan

MANAGEMENT (THEORY) Principal AACOP


MARKET RESEARCH
Marketing research: is "the process or set of processes that links the producers,
customers, and end users to the marketer through information used to identify
and define marketing opportunities and problems; generate, refine, and
evaluate marketing actions; monitor marketing performance; and improve
understanding of marketing as a process
MARKETING RESEARCH PROCESS
Step 1: Problem Definition
Step 2: Development of an Approach to the Problem
Step 3: Research Design Formulation
Step 4: Field Work or Data Collection
Step 5: Data Preparation and Analysis
Step 6: Report Preparation and Presentation
CONSUMER DECISION MAKING
Problem recognition - Recognizing the need for a service or product.
Information search - The consumer gathers information
Alternatives evaluation - weigh choices against comparable alternatives
Purchase decision - Consumer makes actual purchase
Post-purchase evaluation - reflection from both the consumer and seller
CREATING CUSTOMER VALUE.
According to Woodruff (1997, p. 142) - “Customer value is a customer‟s
perceived preference for and evaluation of those product attributes, attribute
performances, and consequences arising from use that facilitate (or block)
achieving the customer‟s goals and purposes in use situations".
Customer value is the difference between the values the customer gains from
owning and using a product and the cost of obtaining the product.
TYPES OF VALUE
Functional Value: It is concerned with the extent to which a product is useful,
has desired characteristics, and performs a desired function.
Appropriate features and characteristics - quality, aesthetics, creativity, and
customization.
Appropriate performance - performance quality, reliability, and service-
support outcomes.
Appropriate outcomes - effectiveness, operational benefits, and environmental
benefits.
TYPES OF VALUE
Experimental Value: It is concerned with the extent to which a product creates
appropriate feelings, experiences and emotions for the customer.
Symbolic or Expressive Value: It is concerned with the extent to which
customers associate psychological meaning to a product. Some products
appeal to customer's self-concept and self worth.

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